S&P raises PGN?s bonds rating to ?B+?
Friday, January 30 2004 - 06:14 AM WIB
State-owned gas transmission and distribution PT Perusahaan Gas Negara (PGN) said on Friday that Standards and Poor?s (S&P) Rating Services had raised its bonds rating to ?B+? from ?B?.
?They (S&P) have just confirmed their assignment to us today (Friday),? PGN?s president WMP Simanjuntak said.
PGN is seeking to issue US$150 million in 10-year bonds, puttable after seven years. The roadshow for the 144a bond issuance is scheduled to kick off in Hong Kong on Monday and will continue in Singapore and London. Credit Suisse First Boston (CSFB) is the sole lead manager.
Simanjuntak also indicated that yield on the bond would be ranged between 7.25 percent and 7.5 percent.
PGN has said it may issue up to $500 million in offshore debt this year to help finance gas pipeline projects. (arry)